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119-s-3201119th CongressWALLET

Good Government Act of 2025

Sponsored By: Senator Sheehy, Tim [R-MT]

Introduced

Summary

Ban on trading and mandatory blind trusts for Members of Congress. This bill would create a new rule set that bars Members, and their spouses and dependent children, from holding, buying, or selling specified "covered financial instruments" during a Member's term and requires divestment or placement of those assets into qualified blind trusts. It would also force public disclosure of trust agreements and asset schedules, require annual compliance certifications, and add enforcement powers and penalties to deter conflicts of interest.

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  • Members and candidates: Would have defined timelines to divest or move covered instruments into qualified blind trusts and must file certifications and asset schedules for public posting. Penalties include disgorgement, civil fines equal to a Member's monthly pay, and administrative hearings.
  • Spouses and dependent children: Could place assets in a Member's qualified blind trust but would be subject to the same restrictions during the Member's term and a 180-day cooling-off period after the Member leaves office.
  • Oversight and transparency: Ethics committees would get authority to implement and enforce the new rules and publish related documents. The Government Accountability Office would audit compliance within two years of enactment.

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 1 benefits, 3 costs, 1 mixed.

Fines and enforcement for Members

If enacted, supervising ethics offices could send written notices when Members fail to certify, place assets in trusts, or follow reporting rules. Members who trade in violation could be required to disgorge profits to the U.S. Treasury. Beginning 30 days after a notice, civil penalties equal to one month's pay would be assessed and would recur at least every 30 days until compliance. Supervising committees could set forms, grant extensions, and publish penalty and trust information publicly.

Mandatory divestment and blind trusts

If enacted, Members would have to certify within 30 days and divest or place each covered investment into an approved qualified blind trust within 120 days. Ethics offices could grant discretionary extensions, but total extensions for an instrument could not exceed 180 days and any single extension could not exceed 45 days. Qualified blind trusts must be approved in writing by the supervising ethics office. Trustees and Members would have to file trust agreements, asset transfer lists, notices, and schedules within 30 days of specified events. A spouse or dependent child could place an instrument into a Member-established trust.

New covered investments for Members

If enacted, the bill would define "covered financial instrument" very broadly to include securities, futures, commodities, derivatives, and indirect or beneficial interests through funds, trusts, pension plans, or deferred compensation. It would treat many holdings as covered for Members and their spouses or dependent children. Diversified mutual funds, diversified ETFs, U.S. Treasury securities, a spouse's main-job pay, and government retirement plans would be excluded. The bill would say ESG screening alone would not make an investment covered.

GAO audit of Member compliance

If enacted, the Comptroller General would audit Member compliance with the new rules within two years and send a report to supervising ethics committees. The audit would look at certifications, divestments, blind trusts, and reporting.

Change to Lobbying Disclosure reference

If enacted, the bill would change a cross-reference in the Lobbying Disclosure Act to use the term "officer or employee of Congress" as defined in title 5. This would change which officers or employees of Congress are covered for lobbying filing rules. The effect could broaden coverage for some and narrow it for others.

Sponsors & CoSponsors

Sponsor

Sheehy, Tim [R-MT]

MT • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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